The Month of June 2014 marked the 20th anniversary of the establishment, by the Central bank of Lebanon, of Midclear as the Custodian and Clearing Center of Financial Instruments in Lebanon.
By law No.139 enacted by Parliament in October 1999, it became the Central Depositary for Lebanon. In April 2001 law No. 308 appointed Midclear as the central Registrar for all Lebanese Banks shares.
During the past 20 years Midclear has grown from a five employees company to thirty today. Revenues have increased from LBP 133,8 mio to LBP 10,85 bio, assets under custody grew from US$ 13,8 mio to US$ 41,81 bio, and its fixed assets have gone up from LBP 489,6 mio to LBP 13,90 bio. Finally Midclear’s clients who initially numbered 58 have reached today 126.
Over the years, Midclear has added several new services, such as Mutual Funds administration, corporate action for local and foreign assets as well as a Foreign Department, and Repo operations.
Moreover, the Company now owns its own premises in the Aresco Center, and has developed three fully redundant data centers, a main one, a disaster recovery and a business continuity site, all of them are fully virtualized using state of the art technology.
The board of directors along with the company’s management are aiming and planning to offer in the future more services to better serve our clients.
Sincerely,